MyFiziq continues to ink agreements with high profile fitness groups

By Trevor Hoey. Published at Oct 20, 2020, in Technology

MyFiziq Limited (ASX: MYQ) has signed definitive agreements with MVMNT Inc. (MVMNT), the digital delivery arm of FitLab LLC.

As MyFiziq’s flagship technology will be integrated into MVMNT’s core mobile technology platform, its solution will be made available to all subscribers within MVMNT’s branded digital training experiences.

Of course, this builds on numerous other collaborative agreements negotiated by MyFiziq in 2020, including the game changing agreement with Nexus-Vita Pte Ltd, a Singapore-based health monitoring and management technology group.

The positive impact these have had is reflected in the company’s share price which has increased ten-fold in the last six months.

The first MVMNT partners to integrate MyFiziq’s technology include Floyd Mayweather Boxing and Fitness, McGregor Fast by Conor McGregor and Fitocracy.

With a current combined Instagram reach of over 50 million people globally between Floyd Mayweather and Conor McGregor, MVMNT is confident in the potential of its digital training offerings and the additional value that will be brought to fitness consumers by the integration of the MyFiziq technology.

The contracts that are the subject of definitive agreements include a commercial contract, a data processing agreement, a Software Development Kit End User License Agreement and a support agreement.

For more about MYQ read: NASDAQ Listing a Step Closer as MYQ Secures $5M to Forge Forward

MyFiziq to receive fee-based income

The MYQ Commercial Contract is the main commercial agreement between the parties which includes the grant of a licence to MVMNT to use MYQ’s licensed software development kits and related intellectual property to integrate them into the MVMNT platform/technology.

In return, MVMNT has agreed to pay certain user fees, data storage fees, and support fees to MYQ.

While MYQ does not expect any immediate material financial return as a result of entering into these agreements, management expects to start generating licence and other fees from the commercial arrangement in the future.

The initial term of the contract is for two years with the option to renew for 12 month periods in future years.

Under the terms of the Definitive Agreements, MyFiziq will be paid the following volume-based pricing.

Where new opportunities arise, separate additional commercial contracts shall be created with specific terms, including pricing terms as mutually agreed by both parties.

Initial target user numbers under the agreements indicate that MyFiziq could generate material revenues from this collaboration.

Targetted monthly user numbers for Fitocracy (500,000), Mayweather Boxing & Fitness (410,000) and McGregor F.A.S.T (250,000) equate to a combined monthly rate of 1.16 million active users.

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